LG Electronics recently stated that it is expanding its research and development business in Vietnam to address the rapidly growing demand for electric vehicle components.
Since 2016, LG has been operating an automotive parts research and development center. The Hanoi R&D Center under construction focuses on software development and testing of automotive products, including telematics, audio, video, and navigation equipment. It is expected that this will strengthen LG's R&D infrastructure and competitiveness in Vietnam. LG said that the number of developers will increase by more than 30% to 1000 by next year.
In 2020, LG also opened an automotive parts research and development office in Da Nang City to strengthen its electric vehicle related business and cultivate talents. In the fourth quarter of 2022, due to the slowdown in demand for home appliances, the company's operating profit significantly decreased, but its electric vehicle parts business achieved a turnaround. It is expected to see a significant growth this year, with sales exceeding 10 trillion won (approximately over 7.5 billion US dollars).
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